Canada has long been a desirable country to consider when launching a new business. In fact, just a few years ago, the World Bank’s Doing Business Project ranked the nation as the third best place in the world to start a business. Canada has consistently ranked high in a number of areas related to entrepreneurship, and it’s no secret that cities like Toronto have been attracting creative, entrepreneurial types from around the world for many years.
Plus, as IT entrepreneur Susan Ward writes, “It takes only one procedure and an average of five days to register a firm.”
It’s all good, right? In large part, yes. But you still have to have a viable, marketable business concept that offers something unique, different or in-demand. And that’s what many Canadian entrepreneurs are doing. Here are three industries in which Canadian business leaders are finding success.
In Canada, lots of people are buying and renting houses, condos, and office space. For example, the Toronto real estate market is back to booming after only a relatively minor slowdown during the early days of the COVID-19 pandemic. And as businesses expand, they’re hiring new employees, many of whom are the immigrants mentioned above, who are being recruited from around the globe.
For this reason, many Canadians are finding success as real estate professionals in a variety of segments of the industry. They help people buy and sell properties, manage rental or investment real estate, and serve as intermediaries between buyers and sellers.
“With a 46.5% profit margin in 2019, and a growing rental industry, real estate businesses in Canada tend to be profitable,” writes Greg DePersio at quickbooks.intuit.com. “Almost all Canadian real estate enterprises are small- to medium-sized enterprises, as fewer than 1% have more than 99 employees.”
There are numerous opportunities for business success in the alternative wellness arena. George Scorsis, who spent a number of years leading growth at a top energy drink company, shifted gears and joined WeedMD, a Toronto company that produces and distributes medical and adult recreational cannabis.
As the company continues to experience growth, including a major recent acquisition of a similar company, Scorsis has begun exploring other opportunities in the wellness sector. This year he agreed to serve as chairman of the executive board at AWAKN Life Sciences Inc, a startup that seeks to eventually incorporate the use of psychedelic pharmacology into mental health treatment in the UK and European Union.
A few weeks ago the company announced that it had launched a Commercial Clinical Research Division that will set up and manage a series of clinical trials across Europe and North America during the months ahead.
Wholesale and retail:
Have you ever thought about opening a store? “Although Canada’s wholesale and retail sector took a slight hit at the end of 2019, retail increased steadily month after month in 2020,” according to canadianvisa.org. “Projections show that once the COVID-19 dust settles, you can expect a huge increase in wholesale and retail areas such as general merchandise, gasoline stations as well as motor vehicle and parts dealerships.”
A good thing about wholesale or retail sales is that you can make them in person, online or, ideally, via both avenues. People need all types of products, and it’s especially evident that there’s been an increase in the need for medical supplies worldwide in the wake of the pandemic.
With the future projections that are now in place, it appears that Canada will continue to offer a fertile environment for entrepreneurs. A good thing about this is that many people say they want to buy from local companies and suppliers. George Scorsis, among other business leaders, also note that having an entrepreneurial spirit and creating your own business success helps you become more ingrained into your community, where you can not only do business but give back and be a productive member of society.